Air Mail Explores Sale with Raine Group
Air Mail, the chic digital media company established by former Vanity Fair editor Graydon Carter, has engaged the boutique investment bank Raine Group to explore potential sale options. This move comes after the company garnered interest from several prospective buyers, according to two individuals familiar with the matter, who requested anonymity due to the confidential nature of the discussions. While conversations are still in the preliminary stages, there is no guarantee that these talks will culminate in a deal.
Founded in 2019, Air Mail operates out of New York and boasts a team of 34 full-time employees, along with contributors located in Milan, Paris, and London. The platform is celebrated for its weekend email newsletter, which features in-depth articles, travel tips, and curated shopping recommendations.
Graydon Carter, who previously founded Spy Magazine and served as Vanity Fair’s editor for 25 years, has actively sought to broaden Air Mail’s reach through various business initiatives. Notably, the company launched an online store named Air Supply, offering a range of items from branded hats and tote bags to unique products like a brass desktop “comfortmeter” and artisanal Portuguese pencils. Additionally, Air Mail opened a physical storefront, Air Mail Newsstand, in New York’s West Village, where it sells an eclectic assortment of goods, including stationery from Kyoto and luxurious soaps crafted by Christophe Pourny.
Earlier this year, the news outlet Semafor reported that Standard Investments, a private fund with ties to a roofing industry-related firm, was in discussions to purchase Air Mail for approximately $50 million. However, those negotiations have since stalled, according to the sources who are informed about the ongoing sale exploration.
Should a sale occur, Graydon Carter intends to maintain his involvement with Air Mail, which currently boasts an impressive subscriber base of 500,000 for its newsletter, as one insider revealed.
Throughout its journey, Air Mail has successfully attracted investments from a diverse array of figures in the finance and media sectors. Notable investors include David Zaslav, the CEO of Warner Bros. Discovery and a close friend of Carter, as well as private-equity powerhouse TPG and RedBird Capital Partners. To date, the digital media company has raised a total of $32 million, although its valuation remains undisclosed.
In addition to its popular weekly newsletter, Air Mail has ventured into the podcasting realm with several shows, including “Table for Two,” a conversation series featuring the charismatic Bruce Bozzi, and another podcast hosted by Mark Seal, who is adapting his book “Leave the Gun, Take the Cannoli,” which delves into the making of the iconic film The Godfather. The company is also set to launch a literary podcast hosted by actress Emma Roberts, known for her role in American Horror Story and as a co-founder of the online reading community Belletrist.
